s/o what is rich - net worth

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$10 million is our walk away number.

My wife's walk away number is probably closer to $2 million. If we had that much, she would file quickly and walk away with half of it. At $10 million, she would run away!

$10M is walk away money for close for us with an HHI of $375k. We are at $7M, and DH will retire from Fed service in less than 5 years at 57. We made good investments and have a pretty significant inheritance that we have invested. Even with the $10M net worth, I would expect the cash flow from real estate and pensions to really carry us. This is a good problem to have.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$10 million is our walk away number.

My wife's walk away number is probably closer to $2 million. If we had that much, she would file quickly and walk away with half of it. At $10 million, she would run away!

This is exactly what my MIL did--she found out (around age 65) how much cash my FIL had saved/invested on top of his good pension, which was more than $1M, and three months later she told him she wanted a divorce and half the money.

Did I mention she's a lovely person?

[Anonymous]

Financial wealthy for me is when I do not have to think about money at all! When a vacation or purchase doesn't require extensive budgeting (although I'd probably budget anyway). With that said, I count my blessings everyday that we are financially stable where I do not have to think about when my next payday is...

[Anonymous]

$10 is rich, I'd agree. Below that is arguable.

[Anonymous]

1 million is very rich when you compare to median net worth. Even if you do include the equity in a home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have a net worth of around $13M in our late 30s, all self made. Objectively we know we are rich and at this point it is easy to make money, but I don't feel that I could just put it in the market and nbever worry about money again. I estimate that it would take at east $30M for that, which incidentally is the cut off for ultra high net worth.

What kind of absurd lifestyle are you living? 13 million getting a 3% return is $390k per year.

It's funny. Objectively it seems that you should be right. But don't forget taxes. Even at all capital gains, you would only keep $300K on $13M. Which again seems like a ton, but at our net worth our expenses are extremely high (objectively, not for our net worth). We spend $20K-$25k a month and with inflation, it is cutting it too close to just set it and forget about it. Besides we are young and can work more without it affecting our lifestyle.

Holy cr@p = what do you spend $20-25K on each month?
My SIL makes $35K A YEAR!!!!

I know, right? In grad school I spent $1K per month and lived comfortably. Since you asked:

Housing $13k
Child care/ school $7k
Insurance $1,500
Food $1,500
And then everything else.

We are fortunate enough to make so much that taxes is our biggest expense, by a landslide (about $60k/ month currently). Investment/savings is next (several hundred thousand per year). Then housing, then childcare/schooling. Everything after that is comparatively insignificant.

[Anonymous]

About 50M

[Anonymous]

Anonymous wrote:About 50M

Would love to understand why 40m isn't rich in your opinion?

[Anonymous]

Anonymous wrote:Both Trump and Sanders supporters hate all you people and wish you were stripped of your assets, your attitudes and your clothes. Do you have any idea how pampered and clueless you sound?

Trump and Sanders supporters aren't able to make this kind of money. Class jealousy pure and simple.

[Anonymous]

Anonymous wrote:1 million is very rich when you compare to median net worth. Even if you do include the equity in a home.

The median American doesn't spend 7 years in school after high school, nor work 60-100 hour weeks for years on end. Effort should equal huge advantage.

[Anonymous]

This is a really weird post - what is rich? Come on - it doesn't matter how rich, skinny or pretty you are there will be someone richer, skinnier and prettier. So rich is what you get out of your life. Maybe you should think of those less fortunate - how rich do they feel - contribute to society if you want to feel rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1 million is very rich when you compare to median net worth. Even if you do include the equity in a home.

The median American doesn't spend 7 years in school after high school, nor work 60-100 hour weeks for years on end. Effort should equal huge advantage.

Lawyers at big firms spending endless hours on document productions aren't really adding much value to society. At some point when your rent-seeking activities are shut down, you'll realize how little you are missed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both Trump and Sanders supporters hate all you people and wish you were stripped of your assets, your attitudes and your clothes. Do you have any idea how pampered and clueless you sound?

Trump and Sanders supporters aren't able to make this kind of money. Class jealousy pure and simple.

Duh. Don't underestimate the power of their hatred. They are coming for your pampered, privileged hides. It's only a matter of time before the game is up.

[Anonymous]

10M is our walk away number too. Over 1M in cash now not including house and 43 yrs old. We will get there...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$10 million is our walk away number.

My wife's walk away number is probably closer to $2 million. If we had that much, she would file quickly and walk away with half of it. At $10 million, she would run away!

This is exactly what my MIL did--she found out (around age 65) how much cash my FIL had saved/invested on top of his good pension, which was more than $1M, and three months later she told him she wanted a divorce and half the money.

Did I mention she's a lovely person?

That's where I show I clever I am. I've managed my career in a way that ensures we likely will never crack a $300k net worth, including our house and IRAs. We'll never be rich but, fortunately, my wife is a lovely person.